Revenue drops 91.8% due to ineffective real estate segment
Regarding business activities, according to the Q2/2024 financial statements, Nam Bay Bay only brought in 14.7 billion VND in revenue. Compared to the same period, NBB's revenue decreased by 91.8%. The increase in cost of goods sold caused gross profit to decrease by 95.2% to 5.1 billion VND.
On the other hand, expenses during the period were reduced but still could not offset the decline in revenue. Financial expenses decreased by 35.3% to VND62.9 billion. However, the majority of financial expenses were interest expenses, which remained high at VND62.9 billion.
NBB's Q2/2024 revenue decreased by 91.8% (Photo TL)
Both sales expenses and administrative expenses were significantly reduced. Of which, sales expenses decreased from 446 million to 384 million. Administrative expenses decreased from 10.5 billion to 3.8 billion VND. As a result, NBB recorded net profit from business activities of 13.9 billion VND, down 58.9% compared to the same period.
After deducting taxes payable and other expenses, NBB only recorded a "symbolic" profit of 440 million VND.
According to Nam Bay Bay's explanation, Q2 revenue dropped sharply due to the real estate sector. In the same period last year, real estate revenue reached 175.9 billion VND but now it is only 6.3 billion. Financial revenue increased mainly due to profits from investment cooperation, capital support and deposit interest.
By the end of the first 6 months of the year, NBB recorded revenue of VND42.4 billion, down 78.1%. Profit after tax reached nearly VND500 million, up slightly 8.9% over the same period last year.
Chairman Liu Haige withdrew all capital from Nam Bay Bay.
Despite the significant decline in business results, the stock price of Nam Bay Bay still has certain increases. Notably, NBB Chairman of the Board of Directors, Mr. Luu Hai Ca, has just registered to sell all of his shares.
Specifically, Mr. Ca sold 64,000 NBB shares, thereby reducing his ownership ratio from 0.06% to 0%. The transaction was conducted from July 9, 2024 to July 17, 2024. Since the end of February, NBB shares have increased by nearly 20%, recording at VND 24,400/share on July 17, 2024. After the above transaction, Chairman Liu Hai Ca no longer holds any shares of Nam Bay Bay.
Regarding the shareholders of Nam Bay Bay, it is worth noting that Ho Chi Minh City Infrastructure Investment Joint Stock Company (Code CII) owns more than 50 million NBB shares, equivalent to 54.53% of charter capital. Ms. Nguyen Quynh Huong, Deputy General Director of CII, holds 0.02% of charter capital, equivalent to 19,200 shares.
Previously, CII continuously received NBB shares transfers from subsidiaries in the ecosystem, increasing the ownership ratio from 42.51% to 54.53%, thereby holding a controlling stake in Nam Bay Bay.
Source: https://www.congluan.vn/nam-bay-bay-nbb-doanh-thu-bds-lao-doc-chu-tich-hdqt-thoai-von-toan-bo-post303933.html
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